TATA AIA Child Plans

What are Child Plans?

Child plans are financial products designed to help parents or guardians save and invest money for the future needs of their children. These plans offer a combination of savings and insurance benefits aimed at securing a child's future education, marriage, or other significant life events.

• Savings Component: Child plans allow parents to save money regularly over a specified period, which accumulates to meet future financial needs such as education expenses or marriage costs.

• Insurance Protection: Many child plans also provide life insurance coverage for the parent or guardian who is the policyholder. This ensures financial security for the child in case of any unforeseen events that may impact the earning capacity of the parent or guardian.

TATA AIA Child Plans

1. Tata AIA Fortune Guarantee Plus

   • Type: Non-Linked, Non-Participating, Individual Life Insurance Savings Plan

   • Key Features:

     • Guaranteed returns: Provides a fixed percentage of the paid premium as guaranteed annual income after maturity for a chosen income period, regardless of the policyholder's survival.

     • Life insurance cover: Offers financial protection to your family in case of your unfortunate demise.

     • Income options: Choose between regular income or regular income with an inbuilt critical illness benefit.

     • Flexible payment terms: Pay premiums as per your convenience in monthly instalments or one-time payments.

     • Income term options: Choose an income term ranging from 20 to 45 years.

   • Benefits: Guaranteed income stream, life insurance cover, tax benefits (under applicable tax laws) and optional rider benefits. 

   • Suitable for: Individuals seeking guaranteed returns and income generation along with life insurance for their family.

   Plan at Glance:

   Criteria	Regular Income	Regular Income with an Inbuilt Critical Illness Benefit
   Minimum Entry Age	1 years	18 years
   Maximum Entry Age	60 years	60 years
   Minimum Age at Maturity	18 years	23 years
   Maximum Age at Maturity	77 years	70 years
   Income Period	20 to 45 years (in multiples of 5 years). The Policy Term + Income period is within the range of 25 years to 50 years	30 years for 5 pay and 25 years for 10 pay
   Mode of Payment	Annually & Monthly	Annually & Monthly
   Coverage	Single Life & Joint Life (Joint Life for Single Pay option only)	Single Life & Joint Life (Joint Life for Single Pay option only)
   Minimum Premium	Single Pay- ₹5,000 Limited Pay / Regular Pay- ₹24,000 p.a.	Single Pay - ₹5,000 Limited Pay / Regular Pay – ₹24,000 p.a.
   Maximum Premium	No Limit	No Limit

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2. Tata AIA Capital Guarantee Solution

   Tata AIA Capital Guarantee Solution is a financial product offered by Tata AIA Life Insurance. It combines two insurance products: Tata AIA Life Insurance Smart Income Plus and Tata AIA Life Insurance Fortune Pro/Tata AIA Life Insurance Wealth Pro.

   Plan at Glance:

   Criteria	Minimum	Maximum
   Plan Option	Endowment, this option can be chosen at the end of the plan
   Age at Entry (years)	18	50
   Premium (Rs) (Premium in multiples of 1000)	₹50,000	No Limit, subject to Board approved underwriting guidelines
   Premium Payment Term (PPT) (years) / Policy Term(years)	PPT  PT 7 15 10 21

   Investment

   Secure

   

   Secure your child’s future with or without you

   Start Investing

   ₹10,000/Month

   & Get

   ₹1 Crore^*

   VIEW PLANS

   *Standard T & C Apply

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3. Tata AIA Fortune Pro- WOP

   Tata AIA Fortune Pro- WOP is a Unit Linked Insurance Plan (ULIP) offered by Tata AIA Life Insurance that combines investment, life insurance, and critical illness protection with an added Waiver of Premium (WOP) benefit. 

   Waiver of Premium (WOP) Benefit:

   This is the unique feature of the "WOP" variant. If you are diagnosed with a critical illness covered under the rider, future premiums are waived off while the policy continues, ensuring your family's financial security and continued coverage even if you cannot pay premiums due to the illness.

   Features of this plan:

   • Flexible Premiums: Choose your policy term, payment term, and frequency to match your budget and goals.

   • Optional Riders: Add extra protection with riders, like critical illness cover or premium waiver.

   • Strategised Investment: Invest wisely with the "Enhanced SMART" strategy for structured market exposure.

   • Tax Benefits: Enjoy potential income tax savings under current laws.

   Plan at Glance:

   Minimum Issue Age	0 years (30 days)
   Maximum Issue Age	65 years
   Minimum Maturity Age	18 years
   Maximum Maturity Age	80 years
   Policy Term	6 to 40 years
   Premium Paying Term	Single Pay and Limited Pay – 5 to 20 years Regular Pay – 12 to 40 years
   Pay Mode	Single, Annual, Semi-Annual, Quarterly, Monthly
   Minimum Premium	Single Pay – ₹25,000 Regular/Limited Pay – ₹12,000 per annum
   Maximum Premium	Single Pay – ₹5,00,000 Regular/Limited Pay – ₹5,00,000 per annum
   Minimum Basic Sum Assured	For Single Pay – 1.25 times the Single Premium For Regular / Limited Pay – 7*AP

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Why Choose Child Plans?

Child plans are specifically designed financial products that offer a combination of insurance and investment benefits modified to meet the future financial needs of a child.

• Financial Protection: Ensures financial security for children in case of unexpected events.

• Long-term Savings: Helps in disciplined saving for future needs like education or marriage.

• Tax Benefits: Offers tax advantages on premiums and maturity proceeds.

• Flexible Options: Allows customisation based on financial goals and risk tolerance.

• Discipline and Commitment: Encourages regular savings and financial planning.

• Peace of Mind: Provides assurance that children's future needs will be met.

Applying For Child Plans Through PolicyBazaar

To buy a child plan from PolicyBazaar, follow these steps:

• Visit the PolicyBazaar homepage and navigate to the "Personal" tab.

• Click on "Child Plans" from the dropdown menu.

• Fill out the lead form by providing your name and mobile number.

• After filling out the lead form, click on the "View Plans" button.

• Provide details such as your city, income, your age, and your child's age on the next page then, click "Continue."

• You will be directed to the quotes page, where you will find quotes from more than 10 insurers.

• Next, choose the plan type based on the payment schedule – whether it's a One Time Payout or Monthly Payout Plan.

• Select the plan that best suits your needs and click on "Get details". 

Following these steps will guide you through the process of purchasing a child plan from Policybazaar.

Conclusion

TATA AIA Child Plans offer a comprehensive solution for parents seeking to secure their children's future financial needs. By choosing TATA AIA Child Plans, parents can ensure a stable financial foundation that nurtures their children's dreams and aspirations, providing a pathway to a secure and prosperous future.